Mistakes Buyer's make when buying a home

If you talk to a dissatisfied El Paso/Fort Bliss homebuyer today he/she will probably tell you  they paid too much or they were pressured into buying the wrong house by the real estate agent.  Why does this happen? More often than not these buyers were not represented by a buyer’s agent. What home buyers don’t know is that the real estate industry underwent a dramatic change in the 1990s due to “disclosure of agency” laws that required agents to disclose to a potential buyer that they work for the Seller. Prior to this time 3 out of 4 buyers believed the agent they worked with was representing their interest.  Even today less than half of home buyers understand that they are entitled to be represented by a buyer’s agent. Buyer’s routinely search for a home on-line, find the home they like, call the agent listing the home and never seek the help of a buyer’s agent.  The current law states that at the point of the first substantive communication with a home buyer, the real estate agent listing the home is SUPPOSED to disclose that he/she is working for the seller.
When you have a home buying plan before you shop, you’ll be sure to avoid these costly errors. Here are some tips for making the most of your home purchase:
Find a El Paso Buyer’s Agent
An exclusive buyer’s agent has no conflict of interest as he/she does not list any property for sale. These agents are trained to work only for the home buyer and are paid out of the proceeds of the sale at closing.*  Buyer’s agents provide real estate tools to search for homes in their market, they provide mortgage information, they inform and educate the buyer about  the home buying process and provide current home buying programs.
Get pre-approved before house hunting
Because of the current economic climate a seller will consider an offer from a pre-approved buyer above other offers because the seller only wants buyers that are financially able to support an offer. When a buyer is unrepresented, he/she may not know where to apply for a mortgage and may not even know what their credit picture looks like.
Making the offer
What price do you offer a seller?. Before you make that offer, be sure your agent has researched the market. A professional buyer’s agent can offer an unbiased opinion on the value of a home, based on market conditions, condition of the home and neighborhood. Without knowledge of the market, your offer could be too high.
BUYER BEWARE when buying from FSBO
Many home buyers believe that buying a home from a homeowner without involving a real estate agent will save them big money.  FSBOs do not reduce the price just because you don’t have an agent. In fact, most FSBOs price above the market. There are too many pitfalls when dealing with FSBO to innumerate here.  Read more..
Home repairs
Your home will be one of your greatest assets and you need to know what the condition of the home is before your buy it. A buyer’s agent will require the homeowner to make repairs or price concessions in lieu of repairs.
*pertains to El Paso County Texas

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